There were some notable, and perhaps worrying, observations from the 39th annual House and Condo Show which ended at Bangkok’s Queen Sirikit Center yesterday, Sunday.
Sunday lunchtime has always been a busy time at the show but yesterday was quiet.
While potential property buyers were few and far between at the House and Condo Show, by far the largest congregation of crowds were around the NPL (non-performing loans) or distressed property stands hosted by the asset management arms of many of the big Thai banks.
There were also far more listed developers than I’ve even seen at these kinds of mass-market exhibitions. Top Thailand developers such as Ananda Development, Pruksa and Origin, all had huge spaces to market their plethora of developments throughout Bangkok.
There was a significant number of developments, perhaps even a majority, there were outside Bangkok. Pattaya was heavily represented, as was Chiang Mai and projects in Thailand’s Eastern Seaboard.
Strangely neither Phuket or Koh Samui were represented at this House and Condo Show.
Despite recent comments from the Bank of Thailand, raising concerns about the levels of down payments on offer to buyers, one development was offering buyers the opportunity to pay THB 9,000 to secure a unit and was ‘guaranteeing’ a 100 percent mortgage in its printed marketing collateral.
This snapshot of activity at yesterday’s House and Condo Show, if true of the Thailand property market as a whole, would indicate there are very few buy-to-let investment buyers and speculators left in the market.
It would also, perhaps, indicate that buyers are not – as predicted by many – rushing to do deals before the Bank of Thailand implements new financial rules on January 1, 2019.